Ireda Q2FY24 result: PAT up 54% YoY at Rs 285 cr; net NPA down 39%

The central government enterprise reported 49% increase in income from operations and a surge of 17% in the enterprise's net worth

Indian Renewable Energy Development Agency (Ireda) reported a 54 per cent increase in profits after tax (PAT) at Rs 285 crore for the second quarter of the ongoing financial year (Q2FY24) year-on-year, according to a release by the Ministry of New and Renewable Energy on Monday.

Net non-performing assets (NPAs) also reduced by 39 per cent to 1.65 per cent from 2.72 per cent last year. Gross NPA reduced by 38 per cent to 3.13 per cent compared to 5.06 per cent during the same period last year.

Total income from operations also went up by 49 per cent at Rs 1,176.96 crore against Rs 791.56 crore last year.

Ireda also reported consistent growth in the loan book, which increased by 41 per cent at Rs 47,514.48 crore compared to Rs 33,783.36 crore year-on-year.

The net worth of Ireda also went up by 17 per cent year-on-year at Rs 6,580.61 crore against Rs 5,638.31 crore.

The board of directors approved the audited financial results for the second quarter of the financial year 2023-24 at a meeting at Ireda's registered office today. The Board applauded the company's outstanding performance and its continued growth trajectory.

Speaking on the results, the chairman & managing director of Ireda, Pradip Kumar Das said, "Ireda remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA's steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation's energy transition and environmental sustainability."

Ireda is a Mini Ratna (Category – I) Government of India enterprise that comes under the administrative control of the Ministry of New and Renewable Energy.